This has been quite the week.
So just yesterday we discussed the Supreme Court’s big ruling in AMG Capital and how the FTC had been stripped of its self-appointed power to obtain monetary redress from the Courts without the ALJ process mandated by other sections of the FTC Act.
Daniel and I even did a quick video explaining how the ruling impacts FTC work moving forward.
Well Congress is not even taking a breath here. As noted yesterday a hearing before the pertinent subcommittee will take place before the end of the month and now a new bill is being circulated to hand the FTC back the power it never had.
The draft bill is here: H.R. 2668 (Bill to Give FTC Power Back)
Here is the key language:
(1) RESTITUTION; CONTRACT RESCISSION AND REFORMATION; REFUNDS; RETURN OF PROPERTY.—
In a suit brought under subsection (b)(2)(B), the Commission may seek, and the court may order, with respect to the violation that gives rise to the suit, restitution for losses, rescission or reformation of contracts, refund of money, or return of property.
In a suit brought under subsection (b)(2)(B), the Commission may seek, and the court may order, disgorgement of any unjust enrichment that a person, partnership, or corporation obtained as a result of the violation that gives rise to the suit.
The bill already has 13 sponsors–all Democrats but this feels like a bi-partisan bill in the making.
We’ll keep an eye on this race horse.